New York State Common Retirement Fund lessened its stake in shares of Lazard Ltd (NYSE:LAZ – Get Rating) by 4.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 108,304 shares of the asset manager’s stock after selling 4,950 shares during the period. New York State Common Retirement Fund’s holdings in Lazard were worth $3,736,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Ariel Investments LLC increased its stake in Lazard by 1.5% during the 4th quarter. Ariel Investments LLC now owns 8,120,571 shares of the asset manager’s stock valued at $354,300,000 after purchasing an additional 117,578 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Lazard by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 1,584,593 shares of the asset manager’s stock valued at $69,135,000 after purchasing an additional 56,962 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Lazard by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,515,562 shares of the asset manager’s stock valued at $66,127,000 after purchasing an additional 30,946 shares during the last quarter. Jennison Associates LLC lifted its holdings in Lazard by 0.5% during the fourth quarter. Jennison Associates LLC now owns 1,180,501 shares of the asset manager’s stock valued at $51,505,000 after purchasing an additional 5,824 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Lazard by 3.8% during the fourth quarter. Invesco Ltd. now owns 709,000 shares of the asset manager’s stock valued at $30,934,000 after purchasing an additional 25,695 shares during the last quarter.
Lazard Stock Up 1.4 %
LAZ stock opened at $39.66 on Friday. Lazard Ltd has a 1-year low of $30.72 and a 1-year high of $53.00. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 2.04. The company’s 50 day moving average is $34.51 and its 200 day moving average is $35.10. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 8.31 and a beta of 1.43.
Lazard (NYSE:LAZ – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The asset manager reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Lazard had a net margin of 16.85% and a return on equity of 56.01%. The business had revenue of $676.00 million for the quarter, compared to analysts’ expectations of $666.39 million. During the same period last year, the business earned $1.28 earnings per share. The business’s quarterly revenue was down 17.7% on a year-over-year basis. Sell-side analysts predict that Lazard Ltd will post 3.98 EPS for the current fiscal year.
Lazard Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Shareholders of record on Monday, August 8th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date of this dividend is Friday, August 5th. Lazard’s payout ratio is currently 41.93%.
Insider Buying and Selling at Lazard
In other Lazard news, President Alexander F. Stern sold 70,000 shares of the stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $35.29, for a total transaction of $2,470,300.00. Following the transaction, the president now directly owns 209,258 shares in the company, valued at $7,384,714.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.86% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the stock. Piper Sandler dropped their price objective on shares of Lazard from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, July 8th. The Goldman Sachs Group increased their price target on shares of Lazard from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, August 4th. Morgan Stanley downgraded shares of Lazard from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $40.00 to $30.00 in a report on Monday, July 18th. Keefe, Bruyette & Woods downgraded shares of Lazard from a “market perform” rating to an “underperform” rating and lowered their price target for the stock from $38.00 to $30.00 in a report on Wednesday, July 13th. Finally, StockNews.com downgraded shares of Lazard from a “buy” rating to a “hold” rating in a report on Friday, July 8th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $39.71.
Lazard Company Profile
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters.
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